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Introduction & Market Context
Genmab (CSE:GMAB) A/S (NASDAQ:GMAB) presented its first half 2025 financial results on August 7, highlighting substantial growth across key metrics and significant progress in its late-stage pipeline. The biotechnology company’s stock responded positively to the presentation, rising 5.35% to close at $21.51, with additional gains of 1.67% in premarket trading.
The Danish antibody-focused company continues to benefit from its strategic partnerships with major pharmaceutical companies including AbbVie (NYSE:ABBV), Pfizer (NYSE:PFE), Johnson & Johnson (NYSE:JNJ), Novartis (SIX:NOVN), and Amgen (NASDAQ:AMGN), which have helped drive its commercialized portfolio and royalty revenue streams.
Financial Performance Highlights
Genmab reported impressive financial results for the first half of 2025, with total revenue reaching USD 1,640 million, representing a 19% increase compared to H1 2024 (USD 1,382 million). More notably, recurring revenue grew by 27%, providing a stable foundation for the company’s operations and future investments.
As shown in the following condensed income statement:
Operating profit surged by 56% to USD 548 million in H1 2025, compared to USD 352 million in the same period last year. This substantial increase in profitability demonstrates Genmab’s ability to effectively manage expenses while growing revenue. The company maintained a strong cash position of USD 2.9 billion, providing ample resources for continued pipeline development and potential strategic acquisitions.
Pipeline Development Progress
Genmab’s late-stage pipeline continues to advance with several promising candidates representing multibillion-dollar opportunities. The company highlighted three key programs with significant market potential:
EPKINLY® (epcoritamab) remains a cornerstone of Genmab’s pipeline, with a supplemental Biologics License Application (sBLA) submission to the FDA receiving Priority Review. The Phase 3 EPCORE® FL-1 clinical trial in patients with relapsed/refractory follicular lymphoma met its dual primary endpoints, demonstrating a 79% reduction in disease progression or death. With an addressable patient population ranging from 9,000 to 70,000, EPKINLY® represents a market opportunity exceeding $3 billion.
Rina-S® showed encouraging results in endometrial cancer, as presented at ASCO 2025. The drug demonstrated a confirmed objective response rate (ORR) of 50.0%, including two complete responses, and a disease control rate (DCR) of 100% at the 100 mg/m² dose.
Acasunlimab, the third key program in Genmab’s late-stage pipeline, is advancing with the announcement of a Phase 2 trial. The company estimates its market opportunity at approximately $1 billion.
Commercial Portfolio Performance
Genmab’s commercialized portfolio delivered strong performance in the first half of 2025, with combined sales increasing by 60% year-over-year. Quarterly sales grew from $181 million in Q2 2024 to $289 million in Q2 2025, demonstrating successful market penetration and adoption.
EPKINLY® continued its impressive trajectory with net sales of $211 million, representing a 74% year-over-year increase. The drug’s growth is driven by its dual indication profile and expanding global presence, with approvals in over 60 countries. Key milestones include entering earlier lines of therapy with sBLA acceptance in second-line follicular lymphoma in July 2025.
TIVDAK® also performed well, with net sales of $78 million, a 30% increase compared to the previous year. The European Commission approved the transfer of Marketing Authorization for TIVDAK® to Genmab in June 2025, and the drug was successfully launched in Japan in May 2025 and Europe in March 2025, becoming the first and only antibody-drug conjugate (ADC) approved for recurrent/metastatic cervical cancer in these regions.
Updated 2025 Guidance
Based on the strong performance in the first half of the year, Genmab raised its full-year guidance for 2025. Revenue guidance was increased from USD 3,500 million to USD 3,600 million, representing a 15% growth rate compared to the previously projected 12%. Operating profit guidance was also raised significantly, from USD 1,130 million to USD 1,230 million, reflecting an improvement from 16% to 26% growth.
The improved outlook is primarily driven by stronger DARZALEX® royalties and positive EPKINLY® sales momentum, partially offset by lower TEPEZZA® and milestone revenues. This guidance update underscores management’s confidence in the company’s continued growth trajectory for the remainder of 2025.
Strategic Outlook
Looking ahead, Genmab outlined its strategic priorities for 2025, focusing on advancing its late-stage pipeline assets, expanding through organic and inorganic opportunities, optimizing investments to enable growth, and delivering on financial commitments.
The company’s financial foundation positions it well for future growth, with recurring revenue streams providing consistent profitability and supporting a disciplined investment approach. Genmab emphasized its commitment to capital allocation strategies that will fuel significant growth opportunities.
As Genmab continues to expand its commercial footprint globally, the company remains focused on delivering its medicines to more patients through a strategic and disciplined approach. With multiple upcoming investor events scheduled for the remainder of 2025, including presentations at JP Morgan European CEO Call Series, Morgan Stanley (NYSE:MS) Global Healthcare Conference, and BofA Global Healthcare conference, Genmab is actively engaging with the investment community to communicate its progress and strategy.
The combination of strong financial performance, advancing pipeline assets, and commercial success positions Genmab for continued growth in 2025 and beyond, as the company works to strengthen its foundation while investing in future success.
Full presentation:
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